Dow Jones 9939.92 -97.50  5:10 pm EST, Fri., May 10, 2002  NASDAQ 1600.85 -49.64  For info, visit access.smallcapnetwork.com .  S & P 500 1053.91 -18.65 To be removed, please click here .  Russell 2000   492.73 -8.66  VOLUME 02: ISSUE 35 Congratulations to the 199 members who correctly identified the chart of Itron Inc (NASDAQ: ITRI). Your names will be placed in a random drawing for the five FREE Pocket PCs. The contest winners will be announced in our next edition. Since early 2001 Itron has been an outstanding performer in a challenging market environment. On January 2, 2001, if you had invested $3,810 to purchase 1000 shares of Itron, today that investment would be worth $33,270. Itron's 782% appreciation came at a time when the NASDAQ Composite was decimated having dropped over 30%. This once quiet success story has finally caught the attention of Main Street and Wall Street with its extraordinary performance. Itron is the leader in providing hardware and software technology solutions for water and electrical utilities. The company's 80% market share makes it the unquestioned leader in the space. The growth of their business has been fueled by deregulation in the utility industry. Utilities can no longer be the lazy monopolies of the past. Deregulation has forced them to compete and with competition comes the need for innovation. Utilities must find ways to manage their business more efficiently. Itron is widely recognized as the leader in this field, and the growth of their business has led to a customer base of over 2000 utilities in 45 countries around the world producing over $225 million in revenues for 2001. Today, Itron systems are being used to collect data from 275 million electric, gas, and water meters. More than 800 customers use Itron's radio and telephone based technology to automatically collect information from 20 million of those meters. Had you learned about Itron on January 2, 2001, you could have made 782% on your money in 16 months. Today you can learn about a totally unknown and undiscovered company which has developed software solutions for the next generation of Itron products. Itron is not just a partner with the company; it has also invested $2 million dollars. eMobile Data (OTC BB: EMOKF) is Itron's partner in the next generation of wireless solutions for the utility market. The door is wide open to Itron's 2000 world wide customers, 800 of whom are now positioned to implement eMobile's proprietary Service-Link Product. History repeats itself and we can learn from it but more importantly we can PROFIT from it. If no one told you about Itron's potential in January of 2001, you now have a chance to ride the company's coattails through eMobile Data. In May of 2002 you will learn about eMobile Data- make up your own mind about where it will be 16 months from now.   May Profile: eMobile Data (OTC BB: EMOKF) Stock Listing: OTC BB: EMOKF Estimated Shares Issued and Outstanding: 21.4 million  Estimated Public Float: 12 Million  Closing Price and Volume: $0.35 on 326,800 shares  Market Capitalization: $7.5 Million  52 High and Low: $0.39/$0.15  Corporate Web Site: http://www.emobiledata.com/ In the words of Todd Tucker, Product Marketing Manager for Itron " Itron and eMobile Data share a common vision. That vision is to integrate AMR deployment work orders into a standard field service application. Itron and eMobile Data have formed an inter company project team that will turn this vision into reality. eMobile Data's Internet development and utility field service experience is an integral part of this team". eMobile Data was founded in 1999 with a vision to deliver a new wireless mobile solution to the field services that manage utilities. This solution increases corporate profitability by reducing costs. After three years of development, the solution has become reality. eMobile Data is currently trading at $0.35 per share but we believe the stock should be accumulated up to $0.50 per share immediately. Our short term target for eMobile is $0.75 per share which is a 114% return from Friday's closing price of $0.35 per share.  Long term our 12-month target on eMobile is $1.00 per share 185% return.  If you missed Itron then you certainly do not want to miss eMobile Data. Marriage Of David & Goliath Itron is a world class company with a market capitalization of over $1/2 billion.  The company services over 2,000 utilities in 45 countries.  In 2001 Itron produced revenues of over $225 million dollars.  eMobile, on the other hand, is a small undiscovered wireless company with a market cap of about $7.5 million. The companies have entered into an agreement whereby Itron will distribute eMobile's wireless, internet based solution as part of its package.  Goliath Itron has identified eMobile as having the best technology.  eMobile's new wireless mobile solution is easily deployable, increases corporate profitability, reduces the organization's operational costs, and improves customer service. This business relationship will enable eMobile Data to grow at parabolic rates as Itron introduces Service-Link to their 2,000 plus clients.  Itron on the other hand will be able to provide additional services to their preexisting client base. The companies are so close that eMobile's solution is presented at multiple locations all over Itron's web site. Click Here to read Itron's news on the eMobile relationship or go to this URL: http://www.itron.com/article.asp?id=16 Furthermore, Itron has put its money where its mouth is. Itron has invested $2,000,000 in eMobile in the form of convertible debt. The note can be converted into equity based on a $10.4 million valuation. At today's price, the market is valuing the company at $7.7 million, thereby allowing for 35% upside for investors at today's levels when Itron breaks even after conversion. In this case, David & Goliath have joined forces instead of fighting to the death. This is a win-win situation for both, but eMobile should enjoy the greater gains by aligning itself with Goliath.  Early investors in Itron have reaped tremendous rewards but now the time has come for eMobile to follow suit. Market Opportunity Field Service is one of the highest overhead items utilities face. The companies must dispatch fleets of technicians to handle service requests. Paper based solutions as well as two way radio and pager controls are antiquated. Utility companies are desperately seeking effective methods for increasing efficiency and reducing costs. Many gas, electric, and telecommunications utilities want to transition from long standing, inefficient paper process to a wireless and paperless, real-time system to manage field employees and track field orders and status. With instant access to information, dispatchers monitor the system, ensuring that all technicians have balanced workloads. Emergency orders can easily, and instantly, be dispatched to the appropriate technicians. Field staff communicates securely with supervisors, dispatchers, or call takers, anytime, anywhere. eMobile's solution is its web based Service-Link package. Service-Link was created for the management of the smaller workforces that comprise the majority of North America's mobile utility workforce community but also scales to meet the requirements of larger utilities as well. This IS NOT A CONCEPT that eMobile is proposing.  eMobile has already successfully deployed Service-Link in the marketplace.  The future adoption of eMobile's services is all but guaranteed as Itron, which services over 2,000 utilities in 45 countries, has signed an exclusive development, license and distribution agreement to resell Service-Link. In addition, Itron has investment and business commitments to eMobile totaling over $4.7 million dollars.  The table below illustrates some of the milestones that eMobile has reached:   BC Hydro, one of the largest utility providers in Canada serving more than 1.5 million customers selected eMobile's Service-Link for its MRM application in British Columbia.  Logica  - is a leading global solutions company with a $2 billion dollar market valuation.  The company provides IT consulting, systems integration, products, services and support.  eMobile will deploy Service-Link under a turnkey system (installed at the customer site) or as an ASP.  Fieldtech Inc. (Milwaukee) offers comprehensive metering and workforce management solutions to gas, water, and electric utilities throughout North America.  It will deploy Service-Link at various locations where Fieldtech provides field service functions for its customers. Northwest Natural Gas  -- a 140-year-old local gas distribution company serving over 500,000 customers through 15,000 miles of mains and service lines in Oregon and Washington.  Service-Link will be used to optimize the productivity of NW Natural's mobile workforce.    Products Current mobile dispatch systems can take 9-15 months to fully implement.  However with eMobile's Service-Link, deployment time can be as little as 30 days, with all of the basic functionality and most of the features available from current mobile dispatching systems on the market today.  All this comes at just 1/3 the cost. eMobile's customers can then access the benefits of a comprehensive Mobile Resource Management (MRM) solution at an affordable price, using upgradeable technologies.  According the Gartner Group, software revenues for field service dispatch are expected to grow to nearly $1 billion this year. eMobile addresses this dynamic market with an innovative solution that maximizes flexibility and provides a significant cost savings.  For utilities of all types and sizes, field service operations represents a clear area of opportunity in which technologies such as wireless communications, the Internet and real-time data exchange can be applied to achieve significant gains in operational efficiency, productivity and customer service. Service-Link extends data communications to field service technicians (FSTs) by supporting the leading private and public wireless data networks. It also enables work orders to be downloaded to mobile computers via regular dial-up network card or docking station connections. Either way, FSTs enjoy the benefits of real-time field service dispatching while eliminating the costly paperwork associated with traditional manual work order processing. The success of Service-Link prompted eMobile to develop its second product Adapta-Link. eMobile Data's new work order configuration toolkit, Adapta-Link, will allow customers to quickly customize, create, and deploy their own service and work order types, without having to pay costly configuration fees or wait for requirement verification from the vendor. Customers will now have the flexibility to adapt their field service solution to suit their own unique requirements as their ops expand and change.  Financial Performance Successful investing in microcap stocks requires exciting new technologies and rapid growth. eMobile fits the bill perfectly. Up until fourth quarter of 2001 eMobile was basically a research and development company. In partnership with Itron, eMobile could revolutionize Utility management. eMobile grew about 400% from 2000 to 2001. As a development stage company in 2000, sales were only about $142,524 in 2000. The company's sales exploded in the 4th quarter of 2001, and eMobile was able to achieve just over $692,000 in 2001 (385% growth). Looking forward revenue growth should be parabolic as eMobile and its giant partner Itron sign up additional clients. All figures are in US Dollars, and revenues for 2002 and beyond are our estimates based on discussions with management.  The company is Canadian based, the stock is dual listed on both the CDNX (Canada's version of NASDAQ- symbol EMO) and the OTC Bulletin Board. As such, all the company's financial filings, press releases, and annual reports can be found on SEDAR, Canada's version of the SEC's EDGAR system. Go to www.sedar.com for the site. If you click here, you will be taken a page to search for their filings. All financial statements on SEDAR are prepared in Canadian dollars. Potential Acquisition Target eMobile Data's current market capitalization of $7.5 million dollars means Itron could buy the company seventy times over and still have enough money left to purchase a nice corporate jet.  The possibility that Itron could put in a formal bid to acquire eMobile represents a wild card for shareholders. Itron has demonstrated a propensity for acquisitions of smaller companies in the past as evidenced by its recent acquisition of privately held Linesoft in a deal valued at $42 million in stock and cash. eMobile's Service Link and Adapta Link web driven, wireless solutions are immersed in Itron's current product offerings. If the spirit moves Itron, the relationship could evolve from partnership to ownership if the price were right. Itron's investment in eMobile Data valued the company at $10.4 million dollars.  This means that investors in eMobile would enjoy a 38% premium to Friday's closing price of $0.35 if Itron acquired the company at a valuation priced over a year ago.  During this past year eMobile has made significant gains that have increased the company's worth. Conclusion eMobile has spent millions of dollars and years of research and development on their Service-Link product.  The time has come to enjoy the fruits of the company's labor.  The company has now moved from R&D to seeing their products in the market place. eMobile's relationship with Itron all but guarantees success for the company in obtaining many new clients. At $0.35 per share readers that own shares of eMobile are investing at a 29% discount to what Itron paid to own a part of the company.  Like Itron investors, the most gains were obtained by those that owned the company early on.  As with any investment there is always risk. As with any investment in a rapidly growing young company, you could lose all your money.  The Itron relationship represents a form of insurance policy on your investment. eMobile Data is currently trading at $0.35 per share but we believe the stock should be accumulated up to $0.50 per share in the short term.  Our short term target for eMobile is $0.75 per share which is a 108% return from Friday's closing price of $0.35 per share.  Long term our 12-month target on eMobile is $1.00 per share which is 178% return.  The following quote comes from LeRoy Nosbaum, President and CEO of Itron:   "Our utility clients have told us they need a workforce management solution that will transform their current field service operations," said LeRoy Nosbaum, president and CEO of Itron. "Service-Link from eMobile Data is Itron's answer to this critical need among our customers. Service-Link leverages the Internet and real-time wireless communications to enable unprecedented levels of efficiency and customer care in utility field service operations." Itron is a 1/2 billion dollar company that has puts its faith and money into eMobile Data.  In essence this Goliath has entrusted part of its future on a small undiscovered wireless company that has the technology to revolutionize an industry.  Itron and eMobile Data's success in providing Service-Link to clients will create a windfall for early investors of eMobile.  This is similar to the scenario that early investors in Itron experienced seeing their ownership stake appreciate over 782% in 16 months. Will history repeat itself?  It always does, but in the case of eMobile Data, it's not often that people get a glimpse of the future. 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